Johnson Controls price target raised to $74 from $70 at Deutsche Bank

Deutsche Bank analyst Nicole Deblase raised the firm’s price target on Johnson Controls to $74 from $70 and keeps a Buy rating on the shares. While a weaker consumer is a "forgone conclusion at this point," multi-industry investors continue to debate whether the industrial economy can show "unprecedented resilience, as the supply chain is only just beginning to heal, backlogs are extended, and order growth generally remains quite healthy," Deblase tells investors in a research note. The analyst’s base case is that the industrial economy does enter a mild recession in 2023. Downward earnings revisions have yet to begin, so it is best to remain "defensively positioned within the group," she contends. Johnson Controls is her top pick in the group.